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3 ways to increase your home's value

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Posted at 10:20 AM, Jun 06, 2018
and last updated 2018-06-06 11:20:52-04

Everyone wants to get as much value from their homes as they can, but they may struggle with knowing how best to do that. What's more important, a new basement addition or freshly painted walls? Are potential homebuyers more interested in new paint or new appliances?

The answer will vary depending on the person, of course, but experts in the field of homebuying and selling have suggested some of the best bets homeowners have for getting the most value for their homes when they sell.

Update your kitchen

Were you to list rooms of the house where you spend the most time each day, the kitchen would have to be near the top. It's often also the room that can most benefit from homeowner remodeling projects.

Consumer Reports surveyed millennial homebuyers and found a "modern/updated kitchen" was the thing they most valued in their ideal homes. However, homeowners not looking for big projects or who plan on living in their homes for a while don't need to rip out walls or break the bank to catch the eye of homebuyers.

"For as little as $5,000, you should be able to add a new suite of appliances, as well as new countertop and flooring, resulting in a fresh, coordinated look," Consumer Reports says. "Applying a fresh coat of paint to the walls or cabinets and updating the hardware can also breathe new life into the space."

Don't have $5,000 for your kitchen remodel? Consult with a real estate agent to find out what kitchen updates your home would most benefit from. Chances are, a few simple tweaks, like changing out your laminate countertops for quartz or adding a backsplash could add that bit of value and visual interest a homebuyer is looking for.

 

 

Improve energy efficiency

Homebuyers these days want to be energy-efficient and environmentally friendly, and that means they'll care how efficiently your appliances function.

When possible, replace older appliances with Energy Star products that have been certified energy-efficient. For one, homebuyers know that energy-efficiency equals lower utility bills.

The Alliance to Save Energy explains, "The average U.S. household spends $5,550 on energy. But buying energy-efficient appliances . . . can save hundreds of dollars." They go on to explain that Energy Star products could save a homeowner up to 30 percent a year on electricity bills.

This is not to mention the potential environmental benefits of energy-efficient appliances. The ASE points out that "investments in energy efficiency across the biggest sectors of our economy could abate up to 1.1 gigatons of greenhouse gas emissions annually," which is the same as if no cars or trucks were driven in the U.S. for one year.

Appliances that could benefit from new energy-efficiency advancements include the dishwasher, washer and dryer, and refrigerator and freezer. You could also replace your lightbulbs with LED or CLF light bulbs for a savings of 30 percent to 80 percent a year on energy bills, the ASE goes on.

Hire a real estate agent

The Trumm Team reports, "Did you know that nearly 50 percent of homes that go on the market fail?" In addition, "On average, you can expect to sell (your home) for 11 percent less than your original asking price."

To avoid these losses in home sales and home value, consider hiring a certified home selling advisor to help you sell your home. The real estate agent can take care of scheduling showings, listing your home on the appropriate resale websites, helping stage the home if necessary and brokering the final deal with the homebuyer.

Many homeowners prefer this method of home sale because it frees up their weekends to spend time with family and not worrying about whether the house is going to sell.

Get the most out of your home when it comes time to sell. Contact the Trumm Team today to find out what else you can do to make sure your house is sold for its maximum value.